By Janet H. Cho

Global stocks were plunging again Sunday evening, continuing a steep selloff that began after President Donald Trump announced reciprocal tariffs.

Just after 8 p.m. EST on Sunday, Dow Jones Industrial Average futures were down about 1300 points, or 3.5%; S&P 500 futures were down 3.9%; and Nasdaq 100 futures fell 4.8%.

Japan's Nikkei 225 was down 2.8% shortly after the country's market opened, while the Asia Dow Index was down 1.2%.

Trump told reporters Sunday evening that he wants to solve the trade deficit with China. "And unless we solve that problem, I'm not going to make a deal," he said. He also said he had spoken to European and Asian world leaders over the weekend, adding that "they're dying to make a deal."

A selloff at the market open in New York on Monday would extend two consecutive days of steep declines that have erased $6 trillion in stock market value.

The Dow fell 3,269 points, or 7.9% last week, to 38,315. The S&P 500 dropped 9.1% last week, to 5074, and the Nasdaq Composite fell 10% to 15588.

The tech-heavy Nasdaq entered a bear market on Friday, sinking more than 20% below its December record. The Dow sank 2,231 points, down 5.5%, after China said it would retaliate against the U.S. with 34% tariffs of its own. It fell into correction territory, or 10% down from its all-time high, on Friday. The S&P 500 fell nearly 6% in its largest single-day drop since 2020 and the Cboe Volatility Index surged to 41.

For U.S. stocks, Thursday and Friday were the largest two-day market cap slide on record, according to Dow Jones Market Data.

The S&P 500 ended Friday down 17% from its all-time high set on Feb. 19. If it closes below 4,915.32 on Monday, the index will join the Nasdaq in a bear market.

Looking ahead: The Bureau of Labor Statistics will release the March consumer price index on Thursday and the producer price index on Friday. On Friday, the University of Michigan will release its preliminary survey of consumer sentiment for April and its consumers' year-ahead expectations for inflation.

Federal Reserve Gov. Adriana Kugler will talk about Inflation Dynamics and the Phillips curve at Harvard University on Monday.

Write to Janet H. Cho at janet.cho@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 06, 2025 20:06 ET (00:06 GMT)

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